UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Lennar Corporation on 4Q12 Results
In a report published Monday, Deutsche Bank reiterated its Hold rating on Lennar Corporation (NYSE: LEN), and raised its price target from $35.00 to $37.00.
Deutsche Bank noted, “Lennar's F4Q12 results were positive; however plans for the multifamily business stole the show. EPS on a like-for-like basis came in about in line with estimates, while gross margins continued to outperform and order growth increased nearly as much as forecasts. While consolidated operations continued to perform well, F4Q12's conference call featured much about Lennar's plans to invest and grow a multifamily construction platform, which won't hit profits until 2014 or 2015. With a group leading valuation multiple already forecasting success in Lennar's other businesses, we maintain our Hold rating.”
Lennar Corporation closed on Friday at $39.96.
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